can you still add amendments to tax return 04/05

mstar

Hi ppl

i have identified some charges etc which i did not add in my land and property tax return. I was wondering can i still add this? as i missed this out :-( or have i "missed the boat" as the calculation has already been done?

any help be appreciated as i have relised its almost £1000 i need to deduct from my rentail income.

also is stamp duty an item i can put in my land and property tax form

ctm_2

No, you can't make amendments to a 2004-05 tax return any more.

Howeve, you can write and state what amendments you wanted to make and ask for it to be treated as an error or mistake claim. The actual return won't be amended, and therefore balancing payments, and any other amounts relating to the 04/05 liability will not be adjusted. any refund due will be added as a credit on your statement.

However, unlike an amendment (received within the time limit) which HMRC have to accept and amend in accordance with your wishes, they can refuse an error or mistake claim, or not agree certain parts of it etc. In all liklehood though it will be accepted.

mstar

thanks ctm,

just so i get my head around this.... (sorry)

so all i can do is admit my error submit in writing, and then they will add it to the next finacial year? but i am stuck with the amount due for 04-05. Even if the amounts occured in 04-05 they will put into next finiacial year (the tax office will do this and adjust it in next finiancial year and i don't have to add this anywhere in the next tax return)

I guess the lesson to be learnt is that make sure u cover EVERYTHING in the future then i wnt be paying the small amount owing

ctm_2

You've almost got it.

You send in a letter stating you made an error or mistake in your 2004-05 return. State what it was, and what the figures on the return should be.

Assuming that these changes reduce your liability a credit will be added to your statement for that amount, with the date of 31 January 2006 (this was the due date for balancing payments for 2004-05.

This credit will be set against any outstanding liability on your statement.

The original balancing payment from the return will still be as it was, as the credit has been given as a credit, not by reducing the balancing payment.

As the balancing payment has not been changed, then any other amounts that are based on the balancing payment (i.e interest, surcharges, penalties) will not be altered.

Not sure what you mean about the next financial year, I think you are getting confused. This will not affect 2005-06, and will not need to go on your 2006 return.

mstar

Thanks CTM

i was wondering if you make a loss year-on-year on a property your letting out, do the loss's get accumulated over the years, so you can offset that amount when finally you do make a profit from renting your property?

ctm_2

re the osses from land and property. Assuming it's not a furnished holiday let, because things can be done differently with them.

Lets say that in 2002-03 you started renting out a property and ended with a loss of £1000. You would enter this in box 5.45 of the return 'Loss to carry forward to following year'

On your 2003-04 return, on the land and property pages you would show that £1000 as a 'Loss brought forward from previous year' in box 5.42 of the return. You would then either use that loss against the profit you made from the property, therefore reducing the profit. If you made a £1000 loss again, you would add your loss brought forward to that and enter £2000 in 5.45

You would then put that on your next years return and keep carrying it forward until it is used against a profit in a future year.